Bank of Communications reports 18% rise in H1 profit

Bank of Communications said Thursday that its first-half profits rose 17.78 percent year on year thanks to increases in net interest incomes and commission fees.

Net profits under International Financial Reporting Standards hit 31.09 billion yuan (4.93 billion U.S. dollars) for the first half, the country's fifth-largest lender said.

Net interest incomes, revenue from borrowers minus interest paid to depositors, climbed 17.79 percent from one year earlier to 58.39 billion yuan during the first six months.

Income from fee-based services and commissions gained 12.36 percent year on year to 10.96 billion yuan.

The lender's total assets hit 5.15 trillion yuan at the end of June, up 11.73 percent from the start of the year. Its core adequacy ratio stood at 9.58 percent at the end of June.

The bank said it will closely monitor the country's economic trends and strengthen risk management during the rest of the year as it faces fresh challenges.